Intimation of receipt of the in-principal approval form BSE for the issuance of warrants.
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Awaiting price reaction for this filing.
Jetmall Spices and Masala Ltd has received in-principle approval from BSE for issuing 98,58,000 warrants, each convertible into one equity share of Rs. 10 face value, to non-promoter entities on a preferential basis. The issue price is fixed at not less than Rs. 36 per share, meaning the company could raise up to roughly Rs. 35.49 crore if all warrants are exercised. This is only the exchange's preliminary clearance — the company still needs to complete allotment and apply separately for listing of the resulting shares. The funds are intended to come in via the warrant holders when they choose to convert within the prescribed time window.
A capital raise plan of up to ~Rs. 35.49 crore via convertible warrants to non-promoters; while dilution is deferred, eventual conversion will expand the share base. Investors should track the final issue price and the identity of allottees to gauge true dilution and any signaling about the company's valuation.